§ 31-21-206 — Exchange - sale - proceeds - amounts

Such refunding bonds
may be exchanged dollar for dollar for the bonds to be refunded, or they may be
sold at, above, or below their par value at a price such that the net effective interest
rate of the issue of refunding bonds does not exceed the maximum net effective
interest rate authorized. Such refunding bonds shall be in a principal amount not
exceeding the principal amount of the bonds to be refunded, as directed by the
governing body, and the proceeds thereof shall be applied only to the purpose for
which such refunding bonds were issued. The principal amount of said refunding
bonds may be the same or less than the principal amount of the bonds to be
refunded if due, adequate, and sufficient provision has been made for the payment,
or redemption, and retirement of said bonds to be refunded and the payment of the
interest accrued thereon in accordance with this part 2.

Legislative History

Source: L. 75: Entire title R&RE, p. 1138, � 1, effective July 1.